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8 May 2024

Manulife Singapore enhances popular income-generating product to uplift customer proposition – Manulife IncomeGen (II)

Popular income-generating product Manulife IncomeGen gets an enhancement, giving customers a shorter breakeven period and additional terminal cancer benefit.

SINGAPORE - Responding to evolving customer needs, Manulife Singapore is pleased to announce the latest enhancements to its popular income-generating product, Manulife IncomeGen (II). This new iteration introduces a shorter breakeven period and an added terminal cancer benefit to provide more robust financial solutions to customers.

The Manulife Asia Care Survey 2024 revealed that over 90% of respondents in Singapore have long-term financial goals, with "having income without working" ranked among the top five financial goals. Manulife IncomeGen (II) caters to these aspirations by giving them a lifetime1 - of monthly income payout, up to age 120 years.

Key enhancements of Manulife Singapore's latest participating whole-life insurance savings plan include:

  • Shortened breakeven period: Customers can now achieve capital guarantee by Year 6 with the '5-Pay' version of IncomeGen (II), rather than Year 8 previously. 
  • New terminal cancer benefit: This critical addition offers support following a terminal cancer diagnosis, reinforcing the policy's significance during crucial times.

"The enhancements to Manulife IncomeGen (II) reflect our commitment to listening to our customers and adapting our solutions to meet their needs, as clearly expressed in the recent Manulife Asia Care Survey. By shortening the breakeven period and introducing a terminal cancer benefit, we aim to make financial planning more accessible and reassuring for our clients and help them lower their protection gap," said Thomas Lee, Chief Product Officer of Manulife Singapore.

Income payouts under 5-Pay will start from the end of 61st policy month after policy inception and will continue until age 120 of the first policyowner (who is also the original life insured). To receive income payout up to age 120 of the original life insured, the original life insured can choose to transfer the policy to a family member, such as his or her child, as a gift for the child to continue receiving the income payouts. The new life insured would then be covered for death and terminal cancer.

Mark Czajkowski, Chief Marketing Officer of Manulife Singapore, noted that the improved features of Manulife IncomeGen (II) are tailored to those seeking regular income streams to supplement other financial sources, particularly amid rising living costs.

"Our customers express significant concern about the increasing cost of living, and almost half are worried about unexpected expenses. Enhancements such as a short premium paying period and a potentially long income payout duration offer our customers a valuable buffer against financial uncertainties."

Find out more about Manulife IncomeGen (II) here.


Terms and conditions apply. Please refer to Product Summary for more information about this insurance plan.



1. Lifetime monthly income consists of guaranteed and non-guaranteed monthly income. Guaranteed monthly income is equal to 0.81% of the sum insured divided by 12. Based on illustrated investment rate of return of 4.25% p.a., non-guaranteed monthly income is equal to 2.43% of the sum insured divided by 12 and based on illustrated investment rate of return of 3.00% p.a., non-guaranteed monthly income is equal to 1.17% of the sum insured divided by 12.

2. In the event the life insured is diagnosed with terminal cancer before the policy anniversary immediately after his or her 75th birthday during policy term and survived for at least 7 days from the date of diagnosis, subject to 1-year waiting period commencing from the policy issue date, the most recent date Manulife approved the change of life insured or date of the most recent policy reinstatement (whichever is later), Manulife will pay an additional lump sum amount depending on the chosen premium payment term as follows, after taking off any policy debt: (a) 30% of annual mode premium for 3-year premium payment term; (b) 50% of annual mode premium for 5-year premium payment term.

3. After 2 policy years, the policy owner may request to change the life insured up to 2 times during the policy term. Subject to insurable interest and any other terms and conditions as set out in the policy contract



About Manulife Singapore

Established in 1899, Manulife Singapore provides insurance, retirement and wealth management solutions to meet the financial needs of our customers across their various life stages. Customers can readily access our solutions through our extensive multi-channel distribution network. In addition to our established agency force, we distribute our products through a number of specialist partners, including banks and financial advisory firms. For more information on Manulife Singapore, visit

About Manulife

Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2022, we had more than 40,000 employees, over 116,000 agents, and thousands of distribution partners, serving over 34 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong. Not all offerings are available in all jurisdictions.


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Media Contact             

Eveline How     

Manulife Singapore                   

+65 9845 9483